Shares of Hyatt Hotels traded higher Thursday in the iconic hotel chain's first day on the New York Stock Exchange, with investors dismissing concerns about infighting among its founder's heirs and tepid hotel reservations around the world.
Hyatt's stock gained $1.02, or 4.1 percent, to $26.02 in early morning trading.
The company, based in Chicago, raised $950 million in its initial public offering. It priced late Wednesday at $25 a piece, near the top end of the $23 to $26 range.
The stock's upbeat trading is a welcome sight for the market, which has watched many IPOs fall short of expectations, including Dole Foods and AGA Medical Holdings.